Littelfuse,
Inc. (LFUS ) today reported financial results for the fourth
quarter and full year ended December 31, 2016.

Fourth Quarter 2016 Highlights

--
Net sales were $284.5 million, up 29% versus the prior year period.
Excluding revenue from acquisitions, e-house business divestiture and
the extra week in the fourth quarter of 2015, sales were up 6%.

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GAAP diluted EPS was $1.19; Adjusted EPS of $1.57 increased 38% over
last year

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Cash flow from operations was $80 million

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The electronics book-to-bill ratio for the quarter was 1.05, and
excludes the ON product portfolio acquisition

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Completed private placement of approximately $350 million of USD and
Euro senior notes

"Were pleased with our strong fourth quarter finish, with both sales
and earnings exceeding the midpoint of our guidance," said Dave
Heinzmann, Chief Executive Officer. "Our results were led by strength
across our electronics segment, along with solid performance in both our
automotive fuse and sensor businesses. We continued to see end market
weaknesses across our industrial segment and our commercial vehicle
business in our automotive segment, impacting our overall growth for the
quarter. Despite these challenges, we finished the quarter with strong
earnings and cash flow growth."

Full Year 2016 Highlights

--
Net sales were $1,056.2 million, a 22% increase versus the prior year
period

--
Diluted GAAP EPS was $4.60; Adjusted EPS of $6.26 increased 26% over
last year

--
GAAP effective tax rate of 15.2%, and adjusted effective tax rate of
18.1%, down nearly 900 and 700 basis points, respectively, over last
year

--
Cash flow from operations was $180 million and capital expenditures
were $46 million, resulting in free cash flow of $134 million

--
Expanded portfolio with acquisitions across circuit protection and
power control platforms (PolySwitch, ON product portfolio and Menbers)

"2016 was a milestone year for us, as we crossed $1 billion in revenue,
with record earnings and cash flow. We also made substantial progress in
growth from strategic acquisitions, adding approximately $250 million in
annualized revenue from our three acquisitions," said Gordon Hunter,
Executive Chairman. "We are well positioned for success with our updated
strategy, which focuses on accelerated organic growth, while continuing
to add acquisitions aligned to our core circuit protection, sensor and
power control platforms."

2017 Outlook

All comparisons are to the prior year period unless otherwise noted.
Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP
items excluded from guidance may include the after-tax impact of items
including acquisition and integration costs, impairment and severance
charges, foreign exchange adjustments and unusual gains and losses.
These items are uncertain, depend on various factors, and could be
material to results computed in accordance with GAAP. Littelfuse
is not able to forecast the excluded items in order to provide the most
directly comparable GAAP financial measure without unreasonable efforts.

"With our strong finish in 2016, we head into the year with positive
momentum, despite an environment of ongoing currency and commodity
volatility," said Meenal Sethna, Chief Financial Officer. "Considering
this current environment, we remain focused on our financial goals of
double-digit sales and earnings per share growth for 2017."

For the first quarter of 2017, sales are expected to be in the range of
$278 to $288 million. Adjusted earnings per share are expected to be in
the range of $1.56 to $1.70.

For the full year, the company expects an adjusted effective tax rate in
the range of 17 - 19%. In addition, capital expenditures are expected to
be approximately $70 million. The capital expenditures include the
incremental semiconductor manufacturing investment for the transfer of
the ON product portfolio.

Dividend

The company will pay a cash dividend on the companys common stock of
$0.33 per share on March 9, 2017 to shareholders of record as of
February 23, 2017.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 1,
2017, at 10:00 a.m. Central / 11:00 a.m. Eastern time to discuss the
results. The call will be broadcast live over the Internet and can be
accessed through the companys website: www.littelfuse.com.
The call will be available for replay on the companys website.

About Littelfuse

Founded in 1927, Littelfuse is the world leader in circuit protection
with growing global platforms in power control and sensing. The company
serves customers in the electronics, automotive and industrial markets
with technologies including fuses, semiconductors, polymers, ceramics,
relays and sensors. Littelfuse has over 10,000 employees in more than 40
locations throughout the Americas, Europe and Asia. For more
information, please visit the Littelfuse website: Littelfuse.com.

The statements in this press release that are not historical facts are
intended to constitute "forward-looking statements" entitled to the
safe-harbor provisions of the PSLRA. These statements may involve risks
and uncertainties, including, but not limited to, risks relating to
product demand and market acceptance, economic conditions, the impact of
competitive products and pricing, product quality problems or product
recalls, capacity and supply difficulties or constraints, coal mining
exposures reserves, failure of an indemnification for environmental
liability, exchange rate fluctuations, commodity price fluctuations, the
effect of the companys accounting policies, labor disputes,
restructuring costs in excess of expectations, pension plan asset
returns less than assumed, integration of acquisitions, uncertainties
related to political and regulatory changes and other risks which may be
detailed in the companys other Securities and Exchange Commission
filings. Should one or more of these risks or uncertainties materialize
or should the underlying assumptions prove incorrect, actual results and
outcomes may differ materially from those indicated or implied in the
forward-looking statements. This release should be read in conjunction
with information provided in the financial statements appearing in the
companys Annual Report on Form 10-K for the year ended January 2, 2016.
For a further discussion of the risk factors of the company, please see
Item 1A. "Risk Factors" to the companys Annual Report on Form 10-K for
the year ended January 2, 2016.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP
financial measures of adjusted operating income, adjusted operating
margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted
earnings per share, adjusted effective tax rate and free cash flow. Many
of these non-GAAP financial measures exclude the effect of certain
expenses and income not related directly to the underlying performance
of our fundamental business operations. A reconciliation of these
non-GAAP financial measures to the most directly comparable GAAP
financial measures is included herein.

The company believes that adjusted operating income, adjusted operating
margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted
earnings per share, and adjusted effective tax rate provide useful
information to investors regarding its operational performance because
they enhance an investors overall understanding of our core financial
performance and facilitate comparisons to historical results of
operations, by excluding items that are not related directly to the
underlying performance of our fundamental business operations. The
company believes free cash flow is a useful measure of its ability to
generate cash. The company believes that all of these non-GAAP financial
measures are commonly used by financial analysts and others in the
industries in which we operate, and thus further provide useful
information to investors. Management additionally uses these measures
when assessing the performance of the business and for business planning
purposes. Note that our definitions of these non-GAAP financial measures
may differ from those terms as defined or used by other companies.